Registered number
02030007
Satnam Car Parking Limited
Filleted Accounts
30 June 2023
Satnam Car Parking Limited
Registered number: 02030007
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 916,667 916,667
Current assets
Debtors 4 173,852 179,995
Cash at bank and in hand 97,421 47,810
271,273 227,805
Creditors: amounts falling due within one year 5 (20,118) (18,319)
Net current assets 251,155 209,486
Total assets less current liabilities 1,167,822 1,126,153
Provisions for liabilities (21,594) (21,594)
Net assets 1,146,228 1,104,559
Capital and reserves
Called up share capital 250,100 250,100
Profit and loss account 896,128 854,459
Shareholder's funds 1,146,228 1,104,559
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2024 and signed on its behalf by:
S S Dhillon
Director
The notes on pages 2 to 4 form part of these financial statements.
Satnam Car Parking Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies.
Going concern
The company’s directors have carefully considered the impact of “COVID-19” on the outlook for the next 12 months trading and longer-term impact on the business. There is uncertainty regarding the impact on the company’s tenants and uncertainty regarding the timing of receipts. The directors are satisfied that cash resources can be made available to the company, if required, from group undertakings or related party companies, to enable it to meet its financial obligations during the next 12 months. The directors are therefore confident the company will continue in operational existence notwithstanding the uncertainties noted above and have prepared the accounts on a going concern basis.
Turnover
Turnover, representing car parking receipts, is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than investment property, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life using the straight line method:
Fixtures and fittings 20% per annum
Investment properties at fair value
Investment property is carried at fair value determined annually by the directors and derived from sales or current market rents and investment property yields for comparable property, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are included in profit and loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
1 Accounting policies (continued)
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Taxation on profit
2023 2022
£ £
Current tax
UK corporation tax on profits of the year - -
Adjustment in respect of previous years - -
Total current tax - -
Movement in deferred tax liability - -
Taxation charge on profits - -
The tax assessed for the year differs from the standard rate of corporation tax in the UK. The differences are explained below:
2023 2022
£ £
Profit before tax 41,669 49,829
Profit at the standard rate of corporation tax in the UK 8,540 9,468
Effects of:
Group relief (8,540) (9,468)
Taxation charge on profit for the year - -
3 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
4 Debtors 2023 2022
£ £
Amounts falling due within one year:
Trade debtors 11,000 4,650
Amounts owed by related parties 162,852 175,345
173,852 179,995
Amounts owed by group undertakings and related parties are interest free and due on demand.
5 Creditors: amounts falling due within one year 2023 2022
£ £
Amounts owed to related parties 6,000 4,200
Taxation and social security costs 368 369
Other creditors 13,750 13,750
20,118 18,319
Amounts owed to group undertakings and related parties are interest free, unsecured and due on demand.
6 Related party transactions
Included in debtors is an amount owed by Alderney Estates Limited of £nil (2022: £nil) after making a loan impairment provision of £19,000 (2022: £19,000), a company which is related to the company through common shareholders.
Included in debtors is an amount of £162,852 (2022: £175,345) owed by Satnam Investments Limited, a company in which S S Dhillon is a director.
Included in creditors is an amount of £6,000 (2022: £4,200) owed to Satnam Planning Services Limited, a company in which S S Dhillon is a director.
7 Controlling party
The company is a wholly owned subsidiary of Satnam Parking Limited whose registered office address is 17 Imperial Square, Cheltenham, GL50 1QZ. The ultimate controlling party is S S Dhillon, a director of the company.
8 Other information
Satnam Car Parking Limited is a private company limited by shares and incorporated in England. Its registered office is:
17 Imperial Square
Cheltenham
Gloucestershire
GL50 1QZ
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